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661K jobs added in September, unemployment rate down to 7.9%

Yahoo Finance’s Alexis Christoforous Brian Sozzi, and Jessica Smith break down the numbers for the September jobs report.

Video Transcript

ALEXIS CHRISTOFOROUS: We also got a new look at the state of the economy and the job market this morning. The Labor Department says 661,000 jobs were added in September. That is way below expectations and far off the big rebound that we saw over the summer. Jessica Smith has been digging into the numbers and she joins us now with more. Jess?

JESSICA SMITH: Yeah, the number of people on temporary layoffs in September decreased by $1.5 million to 4.6 million. That's down from the peak back in April. That was at 18.1 million. But it's still 3.8 million higher than February.

The number of permanent job losses increased by 345,000 to 3.8 million in September. That measure is up 2.5 million since February. Labor force participation rate in September dropped 0.3 percent to 61.4%. And average hourly earnings rose by 4.7% year-over-year and 0.1% month-over-month.

Leisure and hospitality saw the biggest gains in September. That sector added 318,000 jobs, most of them being at bars and restaurants. Retail added 142,000 jobs. And health care and social assistance added 108,000.

We did see 216,000 job losses in government, most of those being in education. And then there was some temporary census workers, some of those reflected in the decline as well. And we also had some revisions for July and August. Those jobs numbers were both revised higher, adding up to 145,000 more jobs than previously reported.

And finally, we have the U-6. It's the broadest measure of unemployment. It fell to 12.8%, down from 14.2% in August. But big numbers here-- non-farm payrolls rose by 661,000. Unemployment rate is now at 7.9%.